Patterson-UTI Energy (NASDAQ:PTEN) Upgraded to “Hold” by ValuEngine

ValuEngine upgraded shares of Patterson-UTI Energy (NASDAQ:PTEN) from a sell rating to a hold rating in a research report report published on Thursday, ValuEngine reports.

A number of other equities research analysts have also recently weighed in on PTEN. Piper Jaffray Companies reduced their price objective on Patterson-UTI Energy from $13.00 to $12.00 and set an overweight rating for the company in a research note on Tuesday, July 30th. AltaCorp Capital reiterated an outperform rating on shares of Patterson-UTI Energy in a research note on Thursday, June 20th. BidaskClub cut Patterson-UTI Energy from a hold rating to a sell rating in a research note on Wednesday, July 31st. Raymond James set a $17.00 price objective on Patterson-UTI Energy and gave the company a buy rating in a research note on Friday, July 26th. Finally, UBS Group set a $17.00 price objective on Patterson-UTI Energy and gave the company a buy rating in a research note on Friday, July 26th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and twelve have assigned a buy rating to the company’s stock. Patterson-UTI Energy has a consensus rating of Buy and a consensus target price of $15.54.

PTEN stock traded down $0.29 during trading on Thursday, hitting $10.04. 143,478 shares of the company’s stock were exchanged, compared to its average volume of 4,069,532. The firm’s 50-day moving average price is $11.29. The firm has a market capitalization of $2.09 billion, a PE ratio of -29.50 and a beta of 1.43. Patterson-UTI Energy has a 52-week low of $9.49 and a 52-week high of $18.39. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.91 and a quick ratio of 1.69.

Patterson-UTI Energy (NASDAQ:PTEN) last posted its earnings results on Thursday, July 25th. The oil and gas company reported ($0.17) earnings per share for the quarter, topping the consensus estimate of ($0.21) by $0.04. Patterson-UTI Energy had a negative return on equity of 2.71% and a negative net margin of 11.64%. The firm had revenue of $675.77 million during the quarter, compared to analysts’ expectations of $670.28 million. During the same quarter in the previous year, the business earned ($0.05) earnings per share. The firm’s revenue was down 20.9% compared to the same quarter last year. On average, equities research analysts predict that Patterson-UTI Energy will post -0.86 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 19th. Investors of record on Thursday, September 5th will be issued a dividend of $0.04 per share. This represents a $0.16 dividend on an annualized basis and a yield of 1.59%. The ex-dividend date of this dividend is Wednesday, September 4th. Patterson-UTI Energy’s dividend payout ratio is presently -47.06%.

A number of hedge funds have recently made changes to their positions in PTEN. Dimensional Fund Advisors LP raised its holdings in Patterson-UTI Energy by 14.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 9,584,682 shares of the oil and gas company’s stock worth $99,202,000 after buying an additional 1,191,714 shares during the last quarter. Two Sigma Advisers LP purchased a new position in Patterson-UTI Energy in the fourth quarter worth about $1,695,000. Municipal Employees Retirement System of Michigan purchased a new position in Patterson-UTI Energy in the fourth quarter worth about $547,000. Legal & General Group Plc raised its holdings in Patterson-UTI Energy by 5.7% in the fourth quarter. Legal & General Group Plc now owns 324,362 shares of the oil and gas company’s stock worth $3,357,000 after buying an additional 17,480 shares during the last quarter. Finally, Public Employees Retirement System of Ohio raised its holdings in Patterson-UTI Energy by 2.3% in the fourth quarter. Public Employees Retirement System of Ohio now owns 146,639 shares of the oil and gas company’s stock worth $1,518,000 after buying an additional 3,320 shares during the last quarter. 97.35% of the stock is currently owned by hedge funds and other institutional investors.

About Patterson-UTI Energy

Patterson-UTI Energy, Inc, through its subsidiaries, provides onshore contract drilling services to oil and natural gas operators in the United States and Canada. It operates through three segments: Contract Drilling Services, Pressure Pumping Services, and Directional Drilling Services. The Contract Drilling segment markets its contract drilling services primarily in west Texas and southeastern New Mexico, north central and east Texas, northern Louisiana, Colorado, Wyoming, North Dakota, south Texas, western Oklahoma, Pennsylvania, Ohio, West Virginia, and western Canada.

Read More: When can a hold rating present a buying opportunity?

To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for Patterson-UTI Energy (NASDAQ:PTEN)

Receive News & Ratings for Patterson-UTI Energy Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Patterson-UTI Energy and related companies with MarketBeat.com's FREE daily email newsletter.